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Need for the Product |
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The Insu pro is a Insurance Management solutions products meant for typical
users who manage large asset base. It is a unique mind product and addresses
the typical needs of complex insurance business process for a end user.
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Presently in India, generally a
claim gets paid after 11 to 13 months from the date of the accident.
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This is mainly due to the
following:
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50% of the delay has been from the Insured to submit the claim details
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30% of the delay from Surveyors
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20% of the delay has been from the Insurance Companies
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From the Insured angle, even
though they cannot have any control over Surveyor and Insurance Company’s
delays, the delay from the Insured can be avoided. Insu Pro helps to control
the claims management through better administration of documents to be
forwarded to the Insurance company. It also has a built in intelligence to
alert the company depending upon the type of the claim to provide sufficient
information and documents. The Insu Pro also aids the user through Built in
Intelligence arising out of user experience MISSED COVER ALERT and many more.
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Insurance business is quite
astute in nature. Through Product offerings, insurers cover risks. But how to
ensure that all the risks has been covered? That is where Insu Pro – the
Intelligent Insurance Management Software, comes in handy. The In Built
knowledge base, closely monitors and captures the necessary data from Claims
experience. This enable the Product to alert the user when a same kind of asset
goes for Insurance / renewal next time.
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The following is a typical
example.
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ABC Company Ltd. has insured its
closed circuit camera, placed on tops of its buildings and convenient points
for surveillance.
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The following covers were taken |
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A claim arises due to lightening.
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The ABC Company Ltd. registers a
claim. The claim is promptly rejected by the Insurance company because the
accident is due to Lightning, which was not included in the cover.
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The Insu Pro captures the missed
covers for that schedule, while processing the claim for Insurance and alerts
the user by giving the old incident when due for renewal or while taking a
similar cover.
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Optionally the user can also
specify a Prime cover for an asset, so that the system will remember the cover
and alert the user if the cover is not taken in future.
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No Claim Bonus Alert |
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The product always looks for the
possible discounts and alerts the user. For example if a particular policy can
benefit from “NO CLAIM BONUS” if there are no claim during a particular period,
then it will alert the user.
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Renewal Alert |
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The Insu Pro intelligence always
looks for renewals due over a period of time. The alert in terms of a list is
shown to the user at the time of login. |
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Insu Pro Process Cycle |
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Insu Pro follows a typical
purchasing cycle
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Quotation Processing
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Requirement Generation
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Final Selection
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The same cycle can be repeated
during renewal of the cover also. |
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The Endorsement Report will give
a clear picture to Insurance companies in order to process the Endorsement
quicker. |
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The Endorsement Report comes
with the Following Sections. |
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Change in Existing Schedule
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New schedule to be added
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Covers to be added
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Covers to be removed
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Efficient Claim Processing |
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As discussed earlier the Product
supports the user in many ways during a Claim processing. Based on the Nature
of Claim it lists down the Documents to be submitted instantly. Various claims
procedures can be followed by different companies for varying types of claims.
The Insu Pro helps customers to customises such experiences into the database
for efficient claims processing thereby saving in costs and time and
consequently giving a better claims experience. |
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Insu Pro comes with intelligent
reports and analysis to give a in depth analysis for various insurance
experience. It also gives graphical representation of the reports for a better
understanding of the insurance exposure. |
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Policy/Asset Scan Facilities |
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The Product supports image
processing and allows the user to Store / Retrieve / Print the Policy &
related Documents.
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Latest Enhancements to the
Product
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Package Policies
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Package policies have been
incorporated as an additional feature into the product and further to the
existing of privatization to the Insurance Companies. The Package policies can
be used for availing covers like the Industrial All risks or any kind of
package according to the end user needs. The package policies feature is highly
parameterized so that the end user can add any cover to the particular package. |
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Premium Calculation
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Premium Calculation comes with
an Excel Interface. This feature has been incorporated for the corporate so as
to do their Premium workings, these premium working excel sheets are added to
that particular policy requirement. The Excel sheet could be retrieved for
further reference or any change can be made as well. |
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Multi-Currency Support
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The Product supports
Multi-Currency activities.
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